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A Chinese-led consortium featuring US-listed private equity group Blackstone has withdrawn from the bidding for Australian crop chemical company Nufarm as a result of time constraints, despite winning exclusive access to the companyâs books.

The consortium submitted a non-binding conditional bid in November of A$17.25 a share together with a 30 cent dividend paid from Nufarm’s cashflow prior to the acquisition.

The chemicals company said in a statement: "The consortium has advised Nufarm that it will be unable to formalise its proposal prior [to] the expiry of the exclusivity period and accordingly discussions between Nufarm and the consortium have ceased."

Ratings agency Standard & Poor’s said the withdrawal did not preclude another takeover approach from the consortium or other parties.

The withdrawal came as Blackstone denied a UK newspaper report this morning that claimed it was eyeing a bid for UK-listed miner Rio Tinto, currently the subject of a bid from rival BHP Billiton.